I want a landlord to buy a particular house to rent to me!

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  • I want a landlord to buy a particular house to rent to me!

    We are renting a property in Staffordshire and want somewhere bigger. The house on the end of our road is perfect, but is up for sale, and has been for a year. I figured there must be a residential property company interested in buying the house, knowing they could have a guaranteed long term tennant lined up. Does anyone know how to make this happen?

  • #2
    In order for this to work, you will have to be happy to pay rent of between 8% and 10% per annum of the purchase price of the property.

    Fancy it?

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    • #3
      Originally posted by Colin Jones View Post
      We are renting a property in Staffordshire and want somewhere bigger. The house on the end of our road is perfect, but is up for sale, and has been for a year. I figured there must be a residential property company interested in buying the house, knowing they could have a guaranteed long term tennant lined up. Does anyone know how to make this happen?
      If you can afford the rent, why cannot you afford to buy? That's almost always better value.
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
      4. *- Contact info: click on my name (blue-highlight link).

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      • #4
        Originally posted by Colin Jones View Post
        Does anyone know how to make this happen?
        If you don't have currently have enough funds for a deposit on a residential property mortgage, you may consider rent to buy.
        The information in my posts is provided 'as is'. This is not intended to be legal advice. Legal or other professional advice should be sought before acting or relying on this information or any part of it. I will not be held responsible for loss or damage arising from errors in the information or the way in which a person uses the information on this . For more information on your query use the '' link at the top of this page. Agreements, Forms & Notices can be found .

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        • #5
          Originally posted by Colin Jones View Post
          We are renting a property in Staffordshire and want somewhere bigger. The house on the end of our road is perfect, but is up for sale, and has been for a year. I figured there must be a residential property company interested in buying the house, knowing they could have a guaranteed long term tennant lined up. Does anyone know how to make this happen?
          How much is the property on the market for?

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          • #6
            No. The house is on at £135000 (probably overpriced hence long time on the market with no sale) but open market rent would be around £550 pcm. An 8% return would take it £900 pcm upwards.

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            • #7
              Tom..Thanks, have already started looking into this (rent to buy)

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              • #8
                Originally posted by Colin Jones View Post
                No. The house is on at £135000 (probably overpriced hence long time on the market with no sale) but open market rent would be around £550 pcm. An 8% return would take it £900 pcm upwards.
                That might be why nobody would want to buy it then.

                http://www.rapidinfo.uk.com/

                Average yield on ASTs at auction was 8.5% in Q3 last year. Might have softened a little since...

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                • #9
                  Originally posted by jeffrey View Post
                  If you can afford the rent, why cannot you afford to buy? That's almost always better value.
                  Have you tried to get a mortgage lately? It's not like the old days.

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                  • #10
                    Thanks for your references suggesting I look into a mortgage: I wound up my pub business through bankruptcy last May, so that would be out of the question for a little while. Income is back on track though so after re-establishling some financial responsibility we can look ar rent-to-buy, but until then it needs to be rent-to-rent!

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